Renaissance Learning Shareholders Can Vote on Takeover Bid

A federal judge in Wisconsin ruled Friday that shareholders in school-software-maker Renaissance Learning Inc. can proceed with a Monday vote on a $455 million takeover proposal.

A minority shareholder and a spurned suitor, educational technology company Plato Learning Inc., had sought to block the vote, arguing that Renaissance’s founding family and majority shareholders shirked their duties to other stock owners in rebuffing Plato’s higher bids for Renaissance.

Plato, owned by Chicago private-equity firm Thoma Bravo, had offered $496 million for Renaissance, $41 million more than the deal the company struck with European private-equity firm Permira.

Friday’s ruling will end Plato’s efforts to acquire Wisconsin Rapids, Wisc.,-based Renaissance, according people familiar with the matter.

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